Tue 17 May 2016
A report from the HBF – Why buy new? Home Buyers intentions and opinions – found financial worries are the main concerns of would-be first-time buyers, with 73% citing the difficulty of savings and 69% blaming property prices.
The poll of more than 2,000 people found just over half (53%) also cited the difficulty of getting a mortgage.
Despite the concerns, one in four 18 to 34-year-olds were totally unaware of any government support available to them, such as the Help to Buy equity loan scheme, which provides backing for a 5% deposit mortgage on a new-build home, and the Help to Buy Isa aimed at helping young people save for a deposit.
The research was published to coincide with this week’s New Homes Week 2016, an industry-backed initiative aimed at addressing some of the misconceptions about new-build homes.
A third of respondents polled by the HBF said they have never visited a new-build or a show home with a further 18% saying they hadn’t for at least ten years.
Stewart Baseley, HBF executive chairman, said: “In the midst of a housing crisis, the prospect of getting on to the property ladder can seem like a distant possibility to many people. But there are options available to today’s young people. Due to Government schemes buying a new build home is a real possibility for people.
“New-build homes have so many great benefits, from the high build quality and brand new fixtures and fittings, to the low running costs and added bonus of a ten-year warranty. But the real benefit for many first-time buyers is the affordability of the whole process.”
Source: Property Industry Eye